Florida condo financing and the Special Approval designation

Special Approval is a relatively new designation by Fannie Mae to ease Florida condo mortgage restrictions.  The project is to review established condominium projects that may not currently meet Fannie Mae's standard eligibility criteria.  Condos receiving the Special Approval designation means that Fannie Mae will back mortgages for condo purchases freeing lenders to originate and deliver mortgage loans.  The Special Approval designation will be for 9-18 months.  Condo financing has been almost non existent in Florida without Government backing and this new designation will hopefully get more condos approved and help the condo market get back to normal.

For information about Ormond Beach and Ormond by the Sea Florida homes and condos for sale and for rent call 386-441-8245 or visit the Ocean view Realty Group web site at http://www.ovrealty.com/ where you can also search the Daytona Beach area multiple listing service (MLS) anonymously.